Despite a possible period of stagnation, non-resident Indians continue to favour India’s real estate as a place to invest. The increase in NRI investments is mainly due to price stability and favourable market conditions. According to a report by Assocham Secretary-General D S Rawat, “NRIs feel optimistic about the new government and anticipate more investment-friendly measures in various fields. People are more upbeat and interested in investing in real estate. This year, NRIs from the US, the UK, and the Asia Pacific Region are the focus of both small and large developers.
A study conducted by Sumansa Exhibitions, organisers of the Indian property show, says, “NRIs in the UAE aged between 18 and 35 account for 43 per cent of investment in Indian real estate”. As per Sunil Jaiswal, president of Sumansa Exhibitions, “While earlier, we would see older people planning and saving to buy property, today more young people want to solidify savings in the real estate market”.
Why young NRIs are drawn to Indian real estate is examined below:
*Over the past ten years, the Indian real estate market has undergone an extraordinary transformation. India’s domestic market will be worth $180 billion by 2022. Young NRIs want to purchase the properties listed below as long-term possession after seeing all these opportunities for the future.
*The real estate market in India has witnessed a phenomenal growth over the past decade. According to a report by Cushman and Wakefield, India’s property market will be worth $180 billion by 2020. Witnessing all these opportunities for future, young NRI’s want to buy properties here as a long-term asset.
*The government has created numerous plans to increase financial investment options for NRIs looking to invest in the real estate sector to boost the economy. More NRIs are looking forward to supporting here after such government initiatives.
*For young NRIs eager to settle in India, having a permanent residence is essential. A young NRI can feel more rooted in his country and people by purchasing real estate in India.
*Affordability of the properties is a great factor why Indian real estate attracts a large number of young NRI’s. Due to the difference in the value of currencies, investment in Indian real estate is a lucrative option.